Calculate the apr and the ear for the plans, Accounting Basics

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Calculate the apr and the ear for the plans

Problem:

Ali Loan Inc. is a pay-day loan company that is offering two alternate loan schemes for the possible borrowers. In a monthly compounding loan plan, you can borrow $100 today while you have to repay $105 at the end of the month. In a weekly compounding loan plan, you can borrow $100 today while you have to repay $101 a week-after.

Required:

Question 1: Calculate the APR and the EAR for both the plans.

Question 2: Which plan you should choose?

Note: Please provide through step by step calculations.

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Accounting Basics: Calculate the apr and the ear for the plans

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Accounting Basics: Calculate the apr and the ear for the plans

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Calculate the apr and the ear for the plans

Reference No:- TGS0889763

Recent Questions Asked Accounting Basics

Q : What was the contribution of archibald garrod

Q : Net present value of the sister pools project

Q : Calculate the present value of total outflows

Q : What is the function of transcription factors

Q : Calculate the apr and the ear for the plans

Q : What type of rna polymerase produce rna molecule in bacteria

Q : Determining the accounting break-even level of sales

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Q : What is significance of microbiology in the hospital setting

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